Bernanke Says U.S. Regulators Reviewing Foreclosures

U.S. banking regulators are examining mortgage lenders’ procedures to see if they are improperly foreclosing on homes and expect preliminary findings soon, Federal Reserve Chairman Ben S. Bernanke said.

“We are looking intensively at the firms’ policies, procedures, and internal controls related to foreclosures and seeking to determine whether systematic weaknesses are leading to improper foreclosures,” Bernanke said today at a housing conference in Arlington, Virginia. “We anticipate preliminary results of the review next month.”